A recent survey by Standard Chartered has revealed that nearly 80 percent of respondents in Singapore expect the country to go fully cashless in the next decade.

It comes as Singapore consumers are shifting towards online banking and online shopping amid the COVID-19 pandemic, while also pivoting to better money management and mindful spending.

In Singapore, 50 percent of consumers pay with cards compared to 35 percent before the pandemic broke out, while 80 percent of surveyed people said that they are more cautious with their expenditure.

People aged from 45 tend to be more careful than those in the younger group of 18-44 years old.They spend 25-52 percent on groceries, digital and health equipment, and less on clothes, travel and vacation.

The survey was carried out from August 17-21 over 12,000 consumers aged from 18 in 12 economies, including Singapore, Malaysia, Hong Kong (China), the US, and the UK on the spending habit after the outbreak of COVID-19.

Source: VNA